Endesa S.a. · BME:ELE
Endesa — Endesa Sa Madrid — Q1 2025 Earnings Presentation
31 slides from Endesa's earnings presentation, May 7, 2025
Slide 1: First Quarter 2025 Consolidated results
First Quarter 2025 Consolidated results May 7th, 2025
Slide 2: First Quarter 2025 Consolidated results - José Bogas, CEO
First Quarter 2025 Consolidated results José Bogas CEO
Slide 3: Opening remarks
Opening remarks Energy context Regulatory Solid performance marked by remuneration All AGM proposals across all business geopolitical improvement key to approved with ~86% lines instability, impacting address new quorum commodity prices challenges 1Q 2025 Results - Madrid, 7 May 2025 3
Slide 4: 1Q 2025 outstanding results
1Q 2025 outstanding results €bn EBITDA Net Income FFO +33% 2x 6x 1.4 0.6 1.2 1.1 0.3 0.2 4 1Q 2024 1Q 2025 1Q 2024 1Q 2025 1Q 2024 1Q 2025 +100% +0.5 €bn Net Ordinary Adjusted Income 0.3 0.6 FFO(1) 0.7 1.2 1Q 2025 Results - Madrid, 7 May 2025 (1) Adjustments: 1Q 2024: +530 €mn gas arbitration 4
Slide 5: Progressing in our capital allocation strategy
Progressing in our capital allocation strategy February 2025 March 2025 March 2025 Acquisition of 100% of Sale of 49.99% of solar hydro assets Share buyback program up to 2 €bn assets Closing of 0.6 GW of hydro Signing of 0.4 GW of solar In execution: 500 €mn assets acquisition PV assets stake sold
Slide 6: Geopolitical instability drive commodity prices up and adds to the high volatility in pool prices
Geopolitical instability drive commodity prices up and adds to the high volatility in pool prices Gas TTF spot prices (€/MWh) Iberian power pool prices (€/MWh)(1) 60 2024 Average: 27 €/MWh 50 2025 Average: 47 €/MWh 1Q 2024 1Q 2025 Avg. pool price (€/MWh) 45 85 +90% 40 +71% 250 30 2025 Average: 85 €/
Slide 7: Fair remuneration for Networks a must to address new demand challenges
Fair remuneration for Networks a must to address new demand challenges System mainland demand Key requirements Adjusted (1) (% yoy) Electricity demand begins to show sustained growth signs 2.9 2.5 Unprecedented surge in connection requests 1.2 1.5 Regulatory measures to improve network usage and pre
Slide 8: First Quarter 2025 Financial results - Marco Palermo, CFO
First Quarter 2025 Financial results Marco Palermo CFO
Slide 9: +33% EBITDA driven by Gx+Sx businesses improvement and the absence of extraordinary levy
+33% EBITDA driven by Gx+Sx businesses improvement and the absence of extraordinary levy €bn EBITDA by business(1) +0.4 €bn +33% 1.4 1.1 0.2 - 0.4 - 0.1 0.3 0.1 1.2% extraordinary levy not in 1Q2024: 1.2% levy force from 2025 onwards (-202 €mn) 0.2 1.0 0.8 0.2 Gx+Sx: +0.2 €bn (+20%) +20% increase in
Slide 10: +20% Gx+Sx EBITDA driven by supply margin resilience and gas business
+20% Gx+Sx EBITDA driven by supply margin resilience and gas business €bn Gx+Sx EBITDA (1) +20% • Non mainland margin: +17% mainly on 2020 +0.2 €bn final settlement Conv. Gx 1.0 • Gas business management - 0.1 • Lower opportunities in short position 0.8 - 0.1 • Lower nuclear margin affected by Enres
Slide 11: Free power margin in line with expectation
Free power margin in line with expectation Output / Sales (TWh) Free power unitary margin(2) (€/MWh) Hedged inframarginal output(3) CO2-free output / Fixed price sales 89% -7% 21 58 54 98% 3 16 18 TWh 80% 3 5 Free sales +17% 1 FLAT vs 1Q 2024 55% 12 13 -6% Output Sales 1Q 2024 1Q 2025 2025 2026 2027
Slide 12: Gas margin benefitting from excellent commodity management
Gas margin benefitting from excellent commodity management Total volumes(1) (TWh) Gas unitary margin(2) (€/MWh) Volumes hedged(3) (%) +3% 19 20 ~11 3 3 97% 80% 16 17 ~2 21% 1Q 2024 1Q 2025 1Q 2024 1Q 2025 2025 2026 2027 Portfolio Sales CCGT volumes 57 52 43 (TWh) (1) Rounded figures (2) Managerial K
Slide 13: Doubling year on year Net Income
Doubling year on year Net Income Profit & loss (€bn) 1Q 2024 1Q 2025 Δ yoy Δ% EBITDA 1.1 1.4 0.4 +33% Amortization increase mainly due to investment effort D&A and Provisions (0.5) (0.6) (0.1) +13% Financial results & Others (0.1) (0.1) 0.0 -33% Financial results improvement driven by lower average
Slide 14: Robust cash generation…
Robust cash generation… €bn Working capital & others -0.2 €bn(1) 1.4 -0.1 0.1 1.2 1.2 0.0 -0.1 -0.1 EBITDA Provisions paid Regulatory (2) Remaining Income Taxes Net Financial FFO FFO adj. working capital working capital Expenses (3) & others 1Q 2024 1.1 -0.1 -0.2 -0.6 0.0 -0.1 0.2 0.7(4) vs 1Q 202
Slide 15: … supports financial sustainability ratios
… supports financial sustainability ratios €bn Net financial debt (1) Gross financial debt (1) +9% Flat 1.2 €bn 2.1 €bn Sources of funds Uses of funds 10.5 10.5 10.2 1.2 0.3 Regulatory 9.3 1.0 0.6 working capital 0.6 1.2 0.5 0.6 9.3 10.2 8.7 9.5 2024 FFO Cash Capex(2) Dividends Acciona 1Q 2025 2024
Slide 16: Closing remarks
1Q 2025 Closing remarks José Bogas CEO
Slide 17: Closing remarks
Closing remarks 1 2 3 4 Ensuring the Capital structure Solid results and Progressing to security of supply optimization through strong cash flow achieve FY 2025 and competitiveness share buyback generation guidance of our electricity program system is essential 1Q 2025 Results - Madrid, 7 May 2025 1
Slide 18: Annexes
1Q 2025 Annexes encesa
Slide 19: P&L 1Q 2025 vs. 1Q 2024
P&L 1Q 2025 vs. 1Q 2024 €mn 1Q 2025 1Q 2024 % Var. Income 5,899 5,547 +6% Procurements and services (3,903) (3,463) +13% Income and expenses from energy derivatives (13) (447) -97% Gross margin 1,983 1,637 +21% Fixed operating costs and other results (552) (558) -1% EBITDA 1,431 1,079 +33% D&A (572)
Slide 20: Endesa: 1Q 2025 P&L
Endesa: 1Q 2025 P&L €mn Gx+Sx Conventional Gx (1) Renewables Retail Endesa X Dx Structure Adjustments TOTAL adjustments (2) Income 2,399 357 4,584 84 (2,127) 638 95 (131) 5,899 Procurements and services (1,599) (21) (4,368) (39) 2,126 (37) (1) 36 (3,903) Income and expenses from energy derivatives (
Slide 21: Endesa: 1Q 2024 P&L
Endesa: 1Q 2024 P&L €mn Gx+Sx Conventional Gx (1) Renewables Retail Endesa X Dx Structure Adjustments TOTAL adjustments (2) Income 1,822 365 4,189 81 (1,519) 650 91 (132) 5,547 Procurements and services (1,462) (38) (3,218) (43) 1,501 (36) (202) 35 (3,463) Income and expenses from energy derivatives
Slide 22: Fixed costs
Fixed costs €bn Fixed costs evolution By concept By business line Flat Flat 0.6 0.6 0.6 0.6 0.2 0.2 0.2 0.2 -3% 0.1 0.1 0.4 0.1 0.1 0.4 -1% 0.1 0.1 -0.1 -0.1 0.0 0.0 1Q 2024 1Q 2025 1Q 2024 1Q 2025 Structure&Adjustments Renewables Personnel Costs O&M Costs Capitalized costs Networks Conventional Gen
Slide 23: Installed capacity and output
Installed capacity and output Total net installed capacity (MW) Total output (1) (GWh) 1Q 2025 2024 Var. (%) 1Q 2025 1Q 2024 Var. (%) Mainland 17,839 17,216 +4% 13,211 12,949 +2% Renewables (2) 10,754 10,131 +6% 4,676 5,017 -7% Hydro 5,369 4,746 +13% 2,328 2,131 +9% Wind 2,893 2,893 0% 1,736 2,167 -
Slide 24: Gross capex
Gross capex By business Development gross Capex 34% 44% 0.4 €bn 0.1 €bn -7% vs. 55% -36% vs. 1Q 2024 1Q 2024 26% ~70% 1Q 2025 Results - Madrid, 7 May 2025 24
Slide 25: Grids: operational parameters
Grids: operational parameters Distributed energy (TWh) TIEPI(1) (min.) Losses(2) (%) +3% -12% Flat 33 34 15.0 13.2 11 11 1Q 2024 1Q 2025 1Q 2024 1Q 2025 1Q 2024 1Q 2025 Energy to own customers(2) (TWh) 27 28 +4% RAB (€bn) 11.4 11.4 Flat (1) Tiempo de Interrupción Equivalente a la Potencia Instalada
Slide 26: Generation: operational parameters
Generation: operational parameters Installed capacity(1) (GW) Production(2) (TWh) +3% 17.2 0.6 17.8 +8% 11% Hydro assets +8% consolidation (+0.6 GW) 10.1 10.8 +7% 13 Hydro output: 2.3 TWh 35% Flat vs. 1Q 2024 54% (+9% yoy) 3.3 3.3 FLAT 3.8 3.8 FLAT 89% CO2 free output -6% FY 2024 1Q 2025 CO2 free CO
Slide 27: Supply: operational parameters
Supply: operational parameters Customers(1) (mn) Sales(2) (TWh) -2% Flat Very competitive environment linked to 6.7 19 19 price evolution 6.6 6 6 Churn rate at record high B2B Progressing in our strategy 6.4 6.3 B2C of focusing on highest value customers 13 13 Increased presence in 0.3 0.3 customer
Slide 28: Financial debt maturity and credit metrics
Financial debt maturity and credit metrics Gross financial debt maturity(1) (€bn) 6.3 • Coverage of 32 months of debt maturity • Average life of financial debt: 4.0 years • 5.9 €bn of liquidity 3.1 Long-term ratings Issuer credit rating BBB Baa1 BBB+ 0.5 0.6 2025 2026 2027 2028+ 1Q 2025 Results - Ma
Slide 29: Disclaimer
Disclaimer This document contains certain "forward-looking" statements regarding anticipated financial and operating results and statistics and other future events. These statements are not guarantees of future performance and they are subject to material risks, uncertainties, changes and other fact
Slide 30: Disclaimer - Alternative Performance Measures
Disclaimer Alternative Performance Measures This presentation includes certain alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979, of March 14, 2019 and as defined in the Guidelines on Alternative Performance Measures issued by the European Se
Slide 31: IR Team
IR Team Imagen que contiene captura de pantalla Contact us Descripción generada con confianza muy alta Mar Martinez Head of Investor Relations Investor Relations team Contacts Isabel Permuy Javier Hernandez Email: ir@Endesa.es Francesc Trilla Juan Carlos Jimenez Phone: + 34 91 213 15 03 Sonia Herran